MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
POWERFLEX INDUSTRIES |
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Registered Office : |
Powerflex House, Plot No 500, |
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Country : |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Date of Incorporation : |
15.08.1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP07281B |
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PAN No.: [Permanent
Account No.] |
AAAFP0309B |
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Legal Form : |
Partnership Concern With an Unlimited Liability of the Partner |
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Line of Business : |
Manufacturer, Distributor and Wholesale Exporter of Hydraulic Hoses, Hose
Assemblies and Hydraulic Pipe Fittings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Nayan Jagni of the concern remained non-co-operative during the
three approaches. Hence this report is based on indirect/secondary Sources of
information. Subject is a well established and reputed concern having satisfactiory
track. Trade relations are fair. Payments are reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Powerflex House, Plot No 500, |
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Tel. No.: |
91-22-67047722 |
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Fax No.: |
91-22-67047720 |
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E-Mail : |
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Website : |
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Area : |
8500 sq ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Nayan Jagani |
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Designation : |
Partner |
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Date of Birth/Age : |
44 Years |
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Qualification : |
Chem Engineer |
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Name : |
Mr. Sudhir Nagada |
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Designation : |
Partner |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B.COM |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distributor and Wholesale Exporter of Hydraulic Hoses,
Hose Assemblies and Hydraulic Pipe Fittings. |
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Products : |
·
Hydraulic Rubber Hose Assemblies ·
S. S. Corrugated Hose Assemblies ·
Pneumatic Hose Assemblies ·
Chemical Hose Assemblies ·
Teflon Hose Assemblies ·
Special Hose Assemblies ·
Wire Braided Hose Assemblies ·
Spiral Wire Braided Hose Assemblies ·
Thermoplast Hose Assemblies ·
Test / Minimized Assemblies ·
Hydraulic Hoses ·
Hydraulic Fittings ·
Hydraulic Pipe Fittings ·
Thermoplastic lance hoses for water jetting /
blasting |
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Exports : |
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Products : |
·
Hydraulic Rubber Hose Assemblies ·
S. S. Corrugated Hose Assemblies ·
Pneumatic Hose Assemblies ·
Chemical Hose Assemblies ·
Teflon Hose Assemblies ·
Special Hose Assemblies ·
Wire Braided Hose Assemblies ·
Spiral Wire Braided Hose Assemblies ·
Thermoplast Hose Assemblies ·
Test / Minimized Assemblies ·
Hydraulic Hoses ·
Hydraulic Fittings ·
Hydraulic Pipe Fittings ·
Thermoplastic lance hoses for water jetting /
blasting |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions (Estimated) |
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Borrowed : |
NA |
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Total : |
Rs. 5.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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25.000 |
LOCAL AGENCY FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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Declined to Part these details. |
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Company Profile:
Subject was incorporated to manufacture Hose Assemblies and Hydraulic Pipe Fittings along with related Fittings. Their reputation in the market is based on the consistency of their quality and completeness of their product range.
Subject is one of the leading manufacturer and wholesale exporter of Hydraulic
Hoses, Hose Assemblies and Hydraulic Pipe Fittings to cater to various
industries. The prominence of the company has been a consequence of the strong
thrust on the quality of the products it manufactures. At Subject, they have
made significant strides in the industry by specializing in Hose Assemblies,
Hydraulic Hoses and Hydraulic Pipe Fitting products with the help of a
considerable years of experience. By incorporating the requirements into their
production process, their products are invariably preferred by their customers.
They relentlessly induce latest technology and innovation into their design,
engineering and production process.
Quality has always commanded the utmost importance in their scheme of things.
Their quality control system constitutes of stage wise inspection, development,
random testing as well as sampling. These are followed routinely to ensure high
quality products without any flaw. Near zero or no rejection is the objective
of their inbuilt quality control system. They take special efforts to avoid any
Leakage & Pressure drop due to their products.
Customer satisfaction has always been their primary objective. Because of this,
they have developed a loyal clientele base over the years. Some of their valued
customers are large corporate houses.
They have following points of Merits for the consideration :
· Fittings for SAE100 R1 to R6. & Spiral Hoses SAE100 R9 to R13 & Low Pressure Interlock Fittings for Spiral hoses SAE100 R9 to R13 for Heavy Surge Applications.
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90?& 45?Bends with One-Piece Construction
with
· Special Swivel Adapters for field attachments to meet the odd requirements. Re-Usable Hose fittings for On-Field Hose Assemblies.
· Fittings as per the Drawings.
· They have testing facility up to 2200 Bar.
· They have Cementing Hose for working pressure 10000 PSI 2" I.D.
· They have Oil Field -Rotary Drilling Hose & Vibrator Drilling Hoses with fittings Upto working pressure 7500 PSI.
· They have WATER BLAST HOSES 1000 Bar /14500 PSI Ex-stock with them.
· They have UNDER WATER DIVING, LANCE & HYD. JACK HOSES ex-stock
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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